Enacts the "insurance modernization act of 2016" which relates to permitting all forms of signatures for continuing insurance education course providers; relates to allowing advance premium cooperative investment in certificates of deposit.
STATE OF NEW YORK
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2367--B
2015-2016 Regular Sessions
IN SENATE
January 22, 2015
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Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- recommitted to the Committee on Insurance in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the insurance law, in relation to enacting the "insur-
ance modernization act of 2016"
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. This act shall be known, and may be cited as, the "insur-
2 ance modernization act of 2016."
3 § 2. The legislature finds and declares that there is a need for
4 modernizing two discrete provisions of the insurance law in order to
5 streamline the conduct of the business of insurance in New York. The
6 "insurance modernization act of 2016" would permit all forms of signa-
7 tures for continuing insurance education course providers and allow
8 advance premium cooperative investment in certificates of deposit.
9 § 3. Paragraph 3 of subsection (i) of section 2132 of the insurance
10 law, as added by chapter 656 of the laws of 1992, is amended to read as
11 follows:
12 (3) The completed applications shall be returned in a timely manner,
13 as specified by the superintendent, provided that any signature require-
14 ments shall be deemed satisfied if the signatures comply with section
15 forty-six of the general construction law, with a non-refundable filing
16 fee of two hundred dollars per organization, fifty dollars per course,
17 program and seminar, and fifty dollars per instructor.
18 § 4. Subsection (c) of section 6623 of the insurance law, as added by
19 chapter 431 of the laws of 2000, is amended to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06933-04-6
S. 2367--B 2
1 (c) Notwithstanding the limitation of investments in certificates of
2 deposit set forth in subsection (a) of section one thousand four hundred
3 nine of this chapter, [an assessment corporation] a co-operative
4 property/casualty insurance company may invest in certificates of depos-
5 it of any one institution in an amount not to exceed the amount guaran-
6 teed by the Federal Deposit Insurance Corporation.
7 § 5. This act shall take effect immediately.
